Summit County | Q3 2020
With fresh air, endless opportunities for outdoor fun, and breathtaking scenery, it’s clear to see why Summit County is such a popular destination to buy and sell both primary and vacation homes in Colorado. No matter the season, there is always something to do in the communities that make up beautiful Summit County. In the summer, spend time in the mountains hiking, biking, fishing, or kayaking. During the winter months, enjoy world-class skiing at some of the most renowned ski resorts in the country. This highly sought-after mountain community is a socially distant sanctuary for those looking for a scenic escape. As such, the real estate market within Summit County has been very productive so far this year.
LIV Sotheby’s International Realty produces a Micro Market Report focused on real estate activity for Summit County and the neighborhoods within it. From January to September, compared to the same time frame of 2019, communities in the area saw an increase in sold listings by 7.9%. This rise in properties sold is a result of consumers’ desire to find a safe haven away from crowded cities. Due to the increase in demand, average home prices for this Summit County grew from $840,656 to $898,335, a 6.9% increase.
This year, the market has yielded positive growth for both the single family home sector as well as the condominium, duplex, and townhome sector of the market. Single family home sales increased by 9.9% through September of this year compared to 2019. Condominiums, duplexes, and townhomes sales increased by 7.1% in the same comparison to the previous year.
As a result of the strong demand for homes in Summit County, average prices for homes in several neighborhoods went up through Q3 of this year. In Breckenridge, one of the most popular ski resort communities in the U.S., the average price for homes increased by 1%, making the average price for homes $1,180,394. The nearby town of Frisco saw an impressive 11.2% increase in average home prices, bringing the average price to $811,374.
Days on market, a metric that helps illustrate how quickly homes are selling, decreased significantly in select towns within Summit County. One of the most notable decreases was seen within the single family home market in Copper Mountain, where the average days on market for homes fell by 56.9%, from 385 days to 166 days. Keystone properties also experience a noticeable decrease, declining by 25.2% days on market.
The real estate market continues to create favorable circumstances for buyers and sellers searching for their dream home or selling a beloved property.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.